Do You Need an Estate Plan Check Up?

Just like going regularly to your dentist twice a year and having your annual physical, the same should be done with your estate plan.

As a general rule, you should review your will, revocable trust, power of attorney, and other estate planning documents at least every five years. But even more importantly, major life events are clear signals that it’s time for an estate plan check-up. Here’s why:

• New family members (like grandchildren) may not be included in your current plan.
• Changes in relationships (marriages, divorces, or deaths) can affect your beneficiaries or chosen executors and agents named in your estate plan.
• Retirement often brings financial shifts that could impact how your assets are distributed or taxed.
• Laws change, and your documents may no longer be aligned with current estate or tax regulations. For instance, an attorney should review any State Estate tax laws referenced in your estate plan documents.
• Change in your financial situation, whether your business has grown, an inheritance has been received, or you have won the lotto or cashed in the Bitcoin you mined in 2010.

Estate planning is much more than taxes, but planning for estate taxes is a major concern.

• The federal estate exclusion is $13,990,000 for 2025. This amount increases to $15,000,000 on 1/1/2026, then indexed each year for inflation with no sunset provisions.
• For federal purposes, portability is allowed, so any unused exclusion on the first to die of a married couple passes to the surviving spouse – a married couple in 2026 can therefore pass $30,000,000 free of federal estate tax.
• The Illinois estate exclusion is $4,000,000, and Illinois has no portability. If a married couple does not plan correctly, they could lose up to $4,000,000 in Illinois exclusion.

Working with your attorney, financial advisor and your team at Friedman + Huey is essential in making sure your personal and financial goals are met not only in your lifetime but also after you pass away.

Do you need any of the following?

• Projection of estate taxes due at your passing.
• Flow charting of how your current estate plan is set up and where the funds will go at your death.
• Tax planning ideas for federal and state planning purposes.
• Peace of mind that your estate plan accomplishes your objectives.

If the answer is yes, call Friedman + Huey for your “Estate Plan Check Up.”